Mortgage Calculator
Estimate your monthly mortgage payment — including principal, interest, property tax, home insurance, and HOA — and see how much interest you'll pay over the life of the loan.
Estimated monthly payment
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Payment & loan breakdown
Estimates only. Actual payments depend on your lender, loan type, PMI, and local taxes. Not financial advice.
How mortgage payments work
A mortgage is repaid in equal monthly installments over the loan term. Each payment covers the interest charged that month plus a portion of the principal (the amount you borrowed). Early on, most of the payment goes toward interest; over time, more goes toward principal. This process is called amortization.
What's included in your payment
Lenders often bundle several costs into one monthly figure, sometimes called PITI:
- Principal — repaying the amount borrowed
- Interest — the cost of borrowing
- Taxes — property taxes, often held in escrow
- Insurance — homeowners insurance (and PMI if your down payment is under 20%)
This calculator covers principal and interest, and lets you add property tax, insurance, and HOA fees for a fuller monthly estimate.
How to lower your monthly payment
- Make a larger down payment to reduce the loan amount
- Choose a longer term (lower monthly payment, but more total interest)
- Shop for a lower interest rate and improve your credit score
- Avoid PMI by putting down 20% or more
Shorter vs. longer loan terms
A 15-year mortgage has higher monthly payments than a 30-year one, but you pay far less total interest because the balance is repaid faster. Use the term field above to compare and see the total-interest difference for yourself.
Frequently asked questions
How is a mortgage payment calculated?
The monthly principal-and-interest payment uses the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12).
What is included in a monthly mortgage payment?
Beyond principal and interest, most payments include property taxes, homeowners insurance, and sometimes HOA fees or PMI. This calculator lets you add property tax, insurance, and HOA for a full monthly estimate.
How much mortgage can I afford?
A common guideline is that your total housing payment should stay under about 28% of your gross monthly income, and total debts under 36%. Use the calculator to test different home prices and down payments against a comfortable monthly figure.
How does the down payment affect my mortgage?
A larger down payment lowers the loan amount, which reduces your monthly payment and total interest. Putting down 20% or more also typically lets you avoid private mortgage insurance (PMI).
How much interest will I pay over the loan?
Over a long term, interest can add up to a large share of the total cost. The calculator shows total interest paid so you can compare loan terms — a shorter term has higher monthly payments but far less total interest.
What is a good mortgage interest rate?
Rates change constantly with the market and depend on your credit score, loan type, and term. Enter the rate you've been quoted to see its real impact on your payment and total cost.
Is the mortgage calculator free?
Yes, it's completely free with no sign-up, and all calculations run privately in your browser.